And that the auditors were a local subsidiary of PwC, well outside of US jurisdiction.

AFAIK, a US firm is responsible for ethical conduct irrespective of the country it operates in. For example, if your US firm's subsidiary bribes an Indian official , US courts have jurisdiction over the parent company in the matter

If something goes south we can take them to court, but short of that I can drive over to their office and find out for myself what's going on. Not so easy to do if your vendor is in Bangladore, now is it?

Outsourcing is a skill. You cant outsource work to the first tom dick or harry that quotes the lowest. You need to do your homework.Its challenging, and those from your side of the pond who have lived upto the challenge have saved millions of dollars in labor costs.

I have zero sympathy...and the meter readings to prove it

I have zero sympathy too. I and countless others lost our investments overnight as Satyam plummedted 80% within hours.

We can fix our regulatory environment and I frankly don't give a crap what happens in yours.

Unfortunately, the days , when people/comapnies/nations could island themselves economically and didnt give a crap what happened elsewhere, are over.You cannot stay unaffected, and sooner or later, you will be splashing in the very same crap.

Maybe stick to managing your own problems, that might be a good start.

Actually thats exactly what I was doing. I work for a shared project team half of which works in US and half is in Bangalore. Your very own US guy coded a deadlock in a "single writer multiple reader", and yours truly, the cheap coder fixes it.

"Let's see, companies ship thousands of jobs to places that don't have the reporting and oversight capabilities we have here (or at least used to have) and are outside the jurisdiction of US courts in order to save a few bucks at the expense of several thousand local employees"

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Yeah sure. Enron was an Indian firm. So was Lehmann. How exactly did the US jurisdictions and having the reporting and oversight prevent them from happening ?

Then said companies get taken to the cleaners because they can't audit their operations on that side of the world properly.

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In case you missed the TFA, PwC is from your side of the world, and are complicit in the fraud. Here in India, we have a proverb, which roughly translates to "When you point a finger at someone, 3 of your fingers point to you"